• Agro-related: Provides financial products and services to farmers and small -medium enterprises

• Investment Banking, Funds Management, Life Insurance and Financial Leasing. This gives an insight in the marketing mix product strategy of Agricultural Bank of China

Image: Wikimedia

Price:

Financial management team of Agricultural Bank of China creates its pricing policy in sync with the financial markets. Only after proper scrutiny of various products and services, policies maintaining a proper balance between affordability and payments are drafted to enable customer satisfaction. Agricultural Bank of China applies minimum possible rates for its banking services so as to maintain loyalty of its customers.

Competitive strength of lower cost of deposits: Due to a large retail deposit base AgBank has a stable source of funding and majority of such deposits being demand deposits enables it to maintain a lower cost of deposits compared to other commercial banks in China.

Place:

Agricultural Bank of China offers its services and products to personal and corporate clients through the following measures- Extensive Nationwide Branch Outlet Network: AgBank has largest number of branch outlets among the Large Commercial Banks and ensures its presence in economically developed areas (Pearl River Delta, Yangtze River Delta and Bohai Rim region). It has 20,000+ domestic branch outlets. AgBank also has many overseas branches, representative offices Subsidiaries - Asia, Europe, North America, Pacific & Africa).

Promotion:

Promotional activities are indispensable to any business venture and AgBank has taken its help in the following manner. The bank focuses on TVCs, OOH, print media etc to showcase its services and products. Agricultural Bank of China has been prominent in online and digital presence as well. Use of mobile and SMS marketing has also helped the brand to establish its place in the competitive banking sector in China. The brand also organizes various events, conferences, seminars etc. The vital consideration for organizing such events and introducing card benefit schemes is to increase its brand awareness and ensure word of mouth marketing.

Since this is a service marketing brand, here are the other three Ps to make it the 7Ps marketing mix of Agricultural Bank of China.

People:

For the banking sector people are the most pivotal part of the business. Agricultural Bank of China has a strong team of experts in the industry who are responsible for the smooth running of the massive operations. More than 400,000+ people are employed with the organization. For a bank, its customers are the most critical part of the business. More than 320 million customers are associated with Agricultural Bank of China.

Process:

Various processes are responsible for making a successful brand like Agricultural Bank of China. The bank has various customer focused processes to execute services like account opening, deposits, withdrawals, internet / online banking etc. Also, backend processes like recruitment, internal processes, big data management etc are all processes handled expertly by Agricultural Bank of China.

Physical Evidence:

Agricultural Bank of China has more than 20000+ branches spread across China which comprise of the physical presence of the brand, With the growth of technology, the website has become the face of the bank, as customers prefer using internet banking. Also, mobile apps of the brand have also become a very popular interface between the bank and the customers. Hence this covers the marketing mix of Agricultural Bank of China.

About Agricultural Bank of China:

Agricultural Bank of China Limited (also known as AgBank) was founded in 1951, and has its headquarters in Dongcheng district, Beijing. It is one of the “Big Four” banks of china and is committed to build an integrated and multi-functional modern financial service group and has 24,000 branches, 2.7 million corporate clients, and nearly 320 million retail customers. Agricultural Bank of China provides a range of corporate and retail banking products and services for a broad range of customers and conducts treasury operations, fund management, investment banking, life insurance and asset management. AgBank is the third largest listed lender trading on the Hong Kong and Shanghai exchanges competing with ICBC, China Construction Bank Corporation and Bank of China

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